Foong family seeks Hexza MGO exemption
KUALA LUMPUR: Chemicals industry specialist Hexza Corp Bhd is seeking an exemption for the Foong family from undertaking a mandatory general offer (MGO).
The Foong family, shareholders of Hexza Corp Bhd, are seeking an exemption from undertaking a mandatory general offer (MGO) due to their proposal to reinvest their final dividend entitlement into new shares. This action could push their collective stake above the 33% takeover threshold. The Foong family currently holds 32.94% of Hexza, and their final dividend proposal of 7.5 sen per share could result in their stake rising to 34.90% if other shareholders opt for cash instead of reinvestment.
The company has proposed up to 20.5 million new shares under the second dividend reinvestment plan (DRP), with the exemption expected to be completed by Q1 2027.
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